11.02.2019: Investors benefit from USD and BTC (EUR/USD, USDX, BITCOIN)
Today the single European currency stopped falling against the US dollar at the 2.5-week low.
The euro-dollar pair settled above the level of 1.1300. Analysts say that the reason of that is traders’ hope for the chances of a rate hike by the European Central Bank late this year.
Though concerns about a slowdown in the global economy and the sluggish economic growth in the region persist, investors still expect that the central bank will tighten its monetary policy until the end of 2019. But it goes without saying that downbeat economic statistics will disappoint euro traders, thus putting the single currency under pressure.
Importantly, the US dollar exerts downward pressure on the euro. While the demand for the American currency is high, the euro-dollar pair will lack momentum. Today at the pre-market of the American trading session the US dollar index extended gains, having reached the level of 96.80.
The cryptocurrency market also attracted traders’ attention. Bitcoin quotes surged rapidly, having added 12% over the weekend and settled near the level of 3 650 dollars per coin. At the same time, ether rose to 120 dollars per coin. The demand for the virtual money was boosted by comments of a US securities official who tweeted that the American regulator stands ready to allow a launch of ETF for Bitcoin.
However, analysts anticipate that the digital money will get back to the previous lows as their current movement totally depends on speculators’ decisions. Probably, today traders can get the perfect opportunity to open sell bitcoins.
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